Alberta Premier Rachel Notley will unveil the province's new oil and gas royalty framework on Friday.

The announcement will take place in Calgary, a city that's seen scores of job losses as a result of the crude oil price collapse.

Industry players have warned the NDP government against making any changes that would add to the pain during the downturn.

The policy will be based on recommendations by a panel headed by Dave Mowat, head of Crown-owned bank ATB Financial.

Other panel members include energy economist Peter Tertzakian, Leona Hanson, mayor of Beaverlodge, Alta., and former Alberta deputy finance minister Annette Trimbee.

The panel began its work in August and had hoped to finish its report by the end of last year.